Nothing to do with EFI, the problem in general is that we've learned a lot about motors since GM designed the small block.
Only thing the ECM will care about is air/fuel mix at the O2 sensor. As long as you don't change the air/fuel ratio much, it's not going to care what you do to the exhaust.
But if you aren't changing the air/fuel ratio, your wasting your time, as that is the only way to make more power.
Edit: to clarify, air/fuel ratio changes come from modifying the exhaust IF the modifications increase flow and/or scavenging under the conditions your engine normally operates. An exhaust in one sense is like a garden hose...one restriction is all it takes. Nothing past the restriction will flow more. As an example, if the manifolds are your *sole* restriction then doing anything to the exhaust past the manifold won't make a difference. In our trucks of course, the bends weren't mandrel, the flat converter sucked, etc., so the LIKELIHOOD of poor performance due to exhaust design is likely, but not a given. It's near impossible to figure that out without simply strapping the truck to a dyno and changing one component at a time.
This is where the O2 sensor helps. If you go lean after an exhaust modification (actually any engine modification), you know you've gained power because your A/F mix has changed. That means your engine is ingesting more air. If you get the fuel back inline you will make more power. If you don't go lean, you've accomplished nothing. That's a pretty simple fact to understand.
The inverse of this is the import "tuner" syndrome. Look at the back of the majority of the fart-can equipped cars. If the "tip" is in proximity to the body, it will be covered in carbon. This would tell any halfway intelligent person that exhaust is no longer flowing through the exhaust, it is wafting, meaning velocity has been compromised, and more than likely, so has performance. As long as all you care about is looks and sound, that is fine of course.